1.

How do you treat the following in the absence of partnership deed? (a) Sharing of profit (b) Interest on capital (c) Interest on drawing (d) Interest on advances from partners (e) Remuneration to partners for firms work.

Answer»

(a) Interest on capital – Nil 

(b) Interest on drawing – Nil 

(c) Interest on loan – 6%P.a 

(d) Distribution of Profit or losses – Equally 

(e) Salary to partner – Nil



Discussion

No Comment Found

Related InterviewSolutions